>> so kacarter actually referend this with xle. he was talking exxon, chevron and conoco those entities make up nearly 50% of the xle overall i think we only need to look at one of those companies, the largest, exxon, to get some sense of where the fundamental trouble might lie here with their cash flow, dividends are one possibility, debt repayment is another, and investment, essentially, and depleting reserves is the final choice these companies have to make unfortunately, even with oil at these levels, they can't actually satisfy all three of these. exxon is trying to maintain their dividend their debt levels are actually above the target ratios that they previously articulated, and they can't really afford to see some increase in their debt expense, and of course they are not replacing all of their reserves which, of course, if you don't do that, what that means is lower production in the future and i think that is one of the overhangs that you're seeing amongst the integrated names in particular as carter pointed out, this rep